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Sri Lanka shares end down 0.4-pct
April 17, 2012 (LBO) – Sri Lankan shares closed weaker Tuesday with turnover beginning to pick up from low levels after a long holiday with interest still mainly on ‘penny stocks’, brokers said. Swarnamahal Financial Services, which has also been actively traded in recent days, closed flat at nine rupees. Seylan Developments also saw some […]
Bank Rating
Apr 17, 2012 (LBO) – Fitch Ratings has assigned Sri Lanka’s Bank of Ceylon (BOC) long-term foreign- and local-currency Issuer Default Ratings (IDRs) of ‘BB-‘ with stable outlooks. Fitch has also confirmed BOC’s national long-term rating and its outstanding subordinated debentures at ‘AA+(lka)’ with a stable outlook and ‘AA(lka)’, a statement said. Fitch has also […]
Sri Lanka tourist arrivals up 21-pct in March
Apr 17, 2012 (LBO) – Sri Lanka’s tourist arrivals rose 21.3 percent to 91,102 in March from a year earlier with arrival in the first three months up 21. 1 percent to 260,525, the state tourist promotion agency said. East Asian visitors were up 44. 3 percent to 10,148, with Malaysian arrivals up 47.3 percent […]
Traffic fatalities in Sri Lanka: Six a day
Apr 17, 2012 (LBO) – The headline of a popular Sinhala language daily on 16 April 2012 screamed that 18 people had died in road accidents over the three days of Avurudu. I sympathize with the families and friends of the people who died, but this really does not merit a banner headline. For the […]
‘s CPC lose Rs94bn in 2011
Apr 17, 2012 (LBO) – Sri Lanka’s state-run Ceylon Petroleum Corporation lost 94 billion rupees in 2011 up from 27 billion rupees a year earlier, largely due to below cost sales to a power utility, official data showed. Sri Lanka’s Central Bank in its annual report said a key reason for the loss was sales […]
Sri Lanka shares end up 0.2-pct
April 16, 2012 (LBO) – Sri Lankan shares closed firmer Monday after a long weekend owing to traditional new year holidays last week with trading still at low levels and focussed on ‘penny stocks’, brokers said. The main All Share Price Index rose 0.15 percent (8.27 points) to 5,434.00, while the more liquid Milanka index […]
Vibration Message
Apr 16, 2012 (LBO) – An Indian computer student has developed an application that enables the blind and deaf to send and receive SMS on mobile phones by converting them into Morse code vibrations, a news report said. œBraille devices can be expensive,” said Mehta. “The idea of PocketSMS takes advantage of the old Morse […]
SriLankan Airlines adds flight to Jeddah
April 16, 2012 (LBO) – Sri Lanka’s national carrier is increasing its seat capacity to Saudi Arabia by adding a 314-seater Airbus A340 to cater to increased demand from special groups travelling to observe religious rites. The new service on its Colombo Jeddah route will operate every Sunday commencing from May 06 and continue until […]
‘s
Apr 16, 2012 (LBO) – The resumption of a loan program with the International Monetary Fund is positive for Sri Lanka’s ‘B1’ credit rating, as it will help boost investor confidence, Moody’s Investors Service said. “The disbursement is credit positive because it will help restore investor confidence and shore up foreign exchange reserves, which had […]
Sri Lanka policy uncertainty deterring investment: ADB
April 16, 2012 (LBO) – Private investment in post-war Sri Lanka has not risen as anticipated because it still lacks a “predictable policy environment” which creates uncertainties for businesses, the Asian Development bank has said. The outlook is for moderate but still strong growth in Sri Lanka in 2012, the bank forecast in its Asian […]
Sri Lanka expected global shock to slow credit: CB Governor
Apr 16, 2012 (LBO) – Sri Lanka expected a global slowdown to moderate credit in the second half of 2012 and did not tighten monetary policy but spent foreign reserves to maintain growth, a top official said. Reserve Risk Sri Lanka sterilized the balance of payments amid warnings from both the International Monetary Fund and […]
Postal Woes
Apr 15, 2012 (LBO) – Sri Lanka has seen a steep drop in the use mail in 2011, while telecom services continued to expand, increasing losses of a state-run postal service, official data showed. Central Bank data showed that letters per inhabitant dropped to 33. 3 percent to 12 in 2011 from 18 a year […]